Utah Code 16-12-5. Limited liability of shareholders or beneficiaries
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Terms Used In Utah Code 16-12-5
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
The shareholders or beneficiaries of a real estate investment trust are not, as such, personally liable for obligations of the real estate investment trust, and shall be under no obligation to the trust or its creditors with respect to such shares or interest other than the obligation to pay the trust the full amount of consideration for which such shares were issued or to be issued.
Amended by Chapter 378, 2010 General Session